this released by Pacific Drilling
Pacific Drilling Extends Option for 7th Drillship
Thursday, June 23, 2011
Pacific Drilling has reached an agreement with Samsung Heavy Industries to extend until October 31, 2011 an option to construct a seventh ultra-deepwater drillship.
With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor. In addition to three ultra-deepwater drillships delivered to date, Pacific Drilling expects delivery of an additional drillship in August 2011 and has two drillships on order at Samsung for delivery during 2013.
Since Pacific has been one of the most agressive companies with building new drillships without contracts backing them up, to me this is a sign that they are starting to have second thoughts about continuing down the same path.
I also have to note that in the past couple of month there haven’t been any announcements by any of the other drilling companies for additional newbuilds (except for the ridiculous announcement by Rowan to enter the deepwater market with absolutely no deepwater experience) which might be a further sign that we’ve hit the saturation point. Time alone will tell.